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USD/JPY Grind Could Evolve into 1 or 2 Day ‘Blow-Off’

USD/JPY Grind Could Evolve into 1 or 2 Day ‘Blow-Off’

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Grind Could Evolve into 1 or 2 Day ‘Blow-Off’

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Action since the Friday post NFP low is consistent with the always annoying grind higher. In fact, it’s possible that a triangle is unfolding since Friday. Given the extent of the rally from September and the 2/25 low, a final thrust to new highs is viewed as a possible short opportunity. Keep the August 2009 high in mind at 97.78. ‘A blow-off’ could even test 100.

FOREXTrading Strategy: I want to be short because I think we’ll be lower in a month but I’m not sure about the next few days to week or so. Still respecting a ‘grind higher’ that could evolve into a ‘blow-off’ before a sharp drop. It’s possible that the top comes earlier than expected of course and any developments will be monitored.

LEVELS: 93.07 94.45 95.27 97.00 97.78 99.66

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.